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SIRC Stock – An Undervalued Solar & EV Play

SIRC Stock

Focused on providing clean energy solutions, Solar Integrated Roofing Corporation (OTC: SIRC) is mainly engaged in the sale and installation of solar energy systems and EV charging stations. Through this business focus, SIRC has been one of the most profitable OTC companies – leading many investors to believe SIRC stock could be extremely undervalued. After a deal was reached to introduce the Inflation Reduction Act for a final vote, SIRC stock climbed thanks to the incentives the company could receive through this act. Meanwhile, the company’s Form 10 filing could be released soon. In light of this, SIRC stock is one to watch this week in anticipation of more updates.

SIRC Stock News

Solar Systems

With energy prices soaring, the demand for cheaper and cleaner alternatives has been climbing. Through its subsidiaries, SIRC is well-positioned to capitalize on this growing demand as it offers solutions for installing solar power systems. Since solar systems are considered to be the most affordable energy services in the market, SIRC is in a prime position to bolster its revenues thanks to the rising demand for such energy services. 

With this in mind, SIRC’s subsidiaries are well-recognized throughout Southern California as they have been operating in this market for several years. Based on this, SIRC has the opportunity to expand its footprint into additional states to gain extra revenue streams.

In light of the company’s focus on solar energy, SIRC entered into a JV with Renewable Energy Products Manufacturing (REPM) for the financing of solar products to non-profit entities. Considering the financing difficulties faced by nonprofits, this JV unlocks an underserved market for SIRC – allowing the company to become a leader in this market. According to this JV, REPM will offer the financing for these systems through its fund and SIRC will sell and install these solar projects. 

As this JV will protect nonprofits from the rising energy prices while avoiding the issues they face to secure funding, the JV is witnessing high interest with 8 nonprofits approved for installation. In light of this interest, SIRC projects to install 100 additional systems this year alone – which could allow the company to further grow its revenues.

EV Charging

In addition to solar systems, SIRC is prioritizing its EV charging business through its subsidiary – PLEMCo. To facilitate this new business focus, SIRC has a $30 million EV charging project pipeline and $20.2 million EV charging project backlog to realize more revenues in light of the growing number of EVs. With this in mind, SIRC signed an LOI to acquire 3 Los Angeles-based EV charging installers with contracts worth more than $100 million in their pipeline. At the same time, SIRC was included in New York’s Charge Ready program which will allow the company to grow its EV charging revenues outside of its main market in Southern California. In this way, SIRC could be on track to achieve its projected revenues of $225 million for this year.

As the EV charging market is in its growth stage, this business focus could allow SIRC to emerge as a major player in this growing market. Based on this business focus, SIRC intends to rebrand to SolarEV to reflect its emphasis on solar and EV charging. Given that the company already applied for a name change with FINRA, SIRC stock could surge upon receiving approval for its name change.

Meanwhile, PLEMCo was one of 15 companies awarded a 5 year blanket purchase agreement from the US General Services Administration as part of the $5 billion in federal funds allocated to EV charging stations. This funding is part of the Biden Administration’s Infrastructure Bill which aims to install EV charging stations every 50 miles along the interstate system. While PLEMCo’s BPA is a design and material only contract for level 2 and level 3 EV chargers, the subsidiary submitted a second BPA to include design, equipment, and installation of EV chargers. With PLEMCo expecting to be awarded this BPA this year, SIRC stock could be one to watch in anticipation of more news.

Considering PLEMCo’s reputation in the EV charging market, the subsidiary will be a featured sponsor at Fully Charged Live North America – the world’s largest EV show – next September. During this show, PLEMCo’s CEO Brad Rinehart will lead a panel discussing carbon footprint reduction and how the proliferation of EVs can reduce the impact of climate change. By featuring in a show with this scale, SIRC could forge relationships with other major players in the EV industry. As the EV market is growing at an exponential rate, SIRC’s venture in this industry could prove to be extremely profitable in the long-term.

Inflation Reduction Act

Currently, clean energy stocks including SIRC stock have been gaining momentum lately after a deal was announced to introduce the Inflation Reduction Act to a final vote last week. Among the bill’s provisions is over $9 billion for the federal procurement of American made clean energy. The bill also includes $30 billion in grants and loan programs for states and electric utilities to accelerate the transition to clean energy. Given that PLEMCo was awarded a BPA by the GSA, SIRC could be on track to receive additional funding from the government and capitalize on the solar and EV incentives included in the bill. With the Senate preparing the bill for a final vote as soon as this week, SIRC stock could soar if the Act passes.

Form 10 Filing

With the company looking to become SEC reporting, SIRC completed the auditing of its financials and is preparing to file its Form 10. To facilitate this, SIRC has to increase its AS to ensure that the AS covers all preferred shares issued by the company. With this in mind, filing Form 10 could allow the company to pursue an uplist to the OTCQB which could be a major catalyst for the company. With the company sharing that the Form 10 is imminent, SIRC stock could be one to watch this week in anticipation of the filing.

SIRC Stock Financials

In its Q1 financials, SIRC reported significant financial growth in a number of key metrics. In terms of assets, SIRC grew its assets to $171.3 million from $158.5 million in the previous quarter. However, the company’s liabilities increased from $63.6 million in Q4 to $68.9 million in Q1. In terms of revenues, SIRC witnessed major growth as it reported $26.9 million compared to $3.4 million a year ago. While operating costs increased from $2.5 million to $5.1 million in the same period, SIRC managed to report a net income of $5.6 million despite reporting a net loss of $2.2 million in the same year-ago period. With the company planning to release its Q2 financials on August 15th, SIRC stock could be one to hold since the company is projecting $225 million in revenues for this year.

Media Sentiment

@LadeBackk is confident SIRC could be extremely undervalued given its revenue projections and upcoming catalysts.

@SpacTraderInTra is watching SIRC stock in anticipation of the Q2 financials.

Technical Analysis

SIRC stock chart

SIRC stock is currently trading at $.349 and has supports near .3248, .2681, .2266, and .181. The stock also shows resistances near .3634 and .4229. SIRC has been gaining investors attention lately in anticipation of the final vote for the Inflation Reduction Act – triggering a 90% run over the past week. Considering the significance of the company’s upcoming catalysts, SIRC stock could be one to hold in anticipation of these catalysts to roll out. 

Currently, SIRC stock is trading above its VWAP and MAs and a golden cross recently occurred leading up to the stock’s run near $.35. With this in mind, investors could watch for a retest of the support or a break through the resistance before entering a position on SIRC to minimize their risk as the stock has been running for a while now. 

SIRC stock chart

With investors bullish on the potential of SIRC’s upcoming catalysts, accumulation is trending upwards and the MACD is bullish – but could be approaching a crossover. Meanwhile, SIRC stock is oversold with the RSI holding at 81. Based on this, SIRC could be poised to drop momentarily to allow the RSI to regulate before climbing again on more news from the company. As is, SIRC has an OS of 529.7 million and a float of 354.3 million.

SIRC Stock Forecast

With a number of upcoming catalysts, SIRC stock is one to watch closely this month. Like other clean energy stocks, the Inflation Reduction Act is a major catalyst to watch as SIRC stock could soar if the Act passes the Senate’s final vote. Meanwhile, SIRC is gaining investors’ attention for its Form 10 filing. As the filing is imminent per the company, SIRC stock could be on track to further climb upon releasing the filing. Another catalyst to watch is the company’s upcoming Q2 financials on August 15th. With the company projecting $225 million in revenues this year, investors are speculating SIRC could report more than $50 million in revenues for Q2. 

In the long-term, SIRC stock could be set for major growth as it continues growing its solar systems and EV charging businesses. In light of this focus, SIRC is awaiting its name change approval by FINRA to rebrand as SolarEV. Meanwhile, SIRC could be well-positioned to receive additional funding for its projects in case the Inflation Reduction Act passes the Senate. With the company showing constant financial growth, SIRC stock could be one to hold onto for the long-term.

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